Hong Kong is ahead of many other jurisdictions committed to CRS reporting in 2018. It has already completed implementation legislation, issued guidance, and released awareness communications to the public.
Hong Kong recently issued a significant update to its list of CRS reportable jurisdictions to expand coverage to 75 jurisdictions. This list includes 13 confirmed CRS partners and 62 prospective CRS partners.
The 62 prospective AEOI partners include the following categories:
Jurisdictions which have expressed an interest regarding Hong Kong to the OECD;
Jurisdictions suggested by the OECD;
Hong Kong's tax treaty partners which have committed to CRS; and
All member states of the European Union.
What Are the Deadlines?
The first CRS reporting for Hong Kong financial institutions (FIs) is May 31, 2018 with the exception of South Korea. The deadline for Hong Kong FIs to report on their South Korean account holders is May 31, 2019.
Hong Kong FI Registration
Although Hong Kong CRS reporting will not commence until 2018, Hong Kong FIs are required to register in Hong Kong’s AEOI portal within 3 months after the date of maintaining a reportable account.
The Hong Kong AEOI Portal is currently under development and expected to be launched in July 2017. Once the portal opens, Hong Kong FIs will have until September 30, 2017 to register reportable accounts currently being maintained.